In the ever-evolving world of cryptocurrencies, one phrase has recently been stirring up a storm: the FTX account drainer. This notorious entity has reportedly been causing a whirlwind in the crypto sphere, transferring an astounding total of 60,000 ETH from four different wallet addresses since late September.
The Unsettling Shift of ETH
Reports indicate a sharp decline in the ETH balance of certain wallets, which, until recently, held nearly 200K ETH. Now, these wallets have dwindled to a mere 125K ETH. Blockchain investigators, such as Certik Alert, have been keeping a close eye on this development. They have noted multiple transactions, one of which involved the transfer of 7,500 ETH (equivalent to $12.3 million) to EOA 0x395d9, by the FTX account drainer.
Tracking the Drainer’s Movements
PeckShieldAlert, another on-chain detective, has also been following the FTX drainer’s transactions since the end of September. In one instance, the drainer moved 5,625 ETH, which were subsequently bridged out via BTC through Thorchain. The drainer also transferred an enormous 15,000 ETH (around $24.75 million), which was exchanged for Bitcoin through the decentralized liquidity protocol, THORChain.
Lookonchain has been tracking the FTX account drainer as well. They reported a series of transactions initiated on September 30, with 5K ETH (roughly $8.37 million) being moved in a span of just three hours. The drainer’s wallets have since seen more activity, with an additional 7,500 ETH moved. As of October 1, a total of 22.5K ETH (worth approximately $38 million) was moved within two days. The latest reports suggest that a staggering 60,000 ETH has been moved since September 30 from four different addresses, leaving the drainer with a whopping 125,735 ETH spread across nine addresses.
The FTX Heist Connection
One of these addresses, 0x59ABf, has been flagged as an FTX account drainer. This was first reported by blockchain sleuth, ZackXBT, in late 2022. According to Etherscan data, this address began activity about 327 days ago, around the time of the largest FTX heist, where hundreds of millions of ETH were stolen. The current FTX CEO, John J. Ray III, confirmed that both the global and U.S. FTX networks had suffered significant losses, with $323 million and $90 million stolen, respectively.
While the culprits remain unidentified, they hold a substantial amount of Ethereum. Speculations and inside jokes suggest that SBF may be behind the attacks, with some suggesting that the recent fund movements are intended to cover his legal costs in an ongoing case.
As the crypto world grapples with the effects of these massive fund movements, staying informed is crucial. Applications like cryptoview.io provide valuable insights and updates on such developments, helping users stay vigilant and informed.
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While the mystery of the FTX account drainer continues to unfold, it serves as a reminder of the importance of security in the volatile world of cryptocurrencies.
